Been to Graze about 4 times now.
Drinks: Tasty and creative. I've always had cocktails. Can't speak to the beer experience. They're simpler than the drinks at Merchant but still good.
Food: Delicious. You can tell the chefs are passionate about what they do. One of the juiciest burgers I've ever had. I've had the cheese board as well with a group of friends and that was fun. Never heard a single complaint from the people I've gone with.
Service: Never a complaint. Haven't had too much of a wait ever either.
Atmosphere: It's trendy but this is Wisconsin so you're never under-dressed.
Summary: Graze is quite a treat for brunch, lunch, or dinner. If you've never been, definitely give a try.